Pepe (PEPE) is experiencing a price surge today, Thursday, July 10. The frog-themed memecoin has rallied 8.1% in the daily charts, 4% in the weekly charts, 15.7% in the 14-day charts, and 19.9% since July 2024. While the rally brings some relief to holders, the memecoin is still down by 13.6% over the previous month. The rally comes amid Bitcoin nearing a new high.
PEPE Surges Amid Big Bitcoin Rally
PEPE’s latest rally is likely due to Bitcoin (BTC) nearing a new all-time high. The original crypto is down by just 0.4% from its peak of $111,814. BTC is currently testing the $111,000 level. We may hit a new all-time high very soon.
PEPE and the larger market rally could be fueled by renewed investor sentiment. BTC has maintained the $108,000 over the last few weeks. The asset’s rise could be credited to institutional inflows over the last month. BTC ETFs saw consistent inflows despite global uncertainties. On-chain data shows that small wallets did not participate much over the last few weeks.
Will The Rally Continue?
The lack of retail interest over the last few weeks has been concerning. Institutions seem to have single-handedly kept the crypto market afloat. PEPE may continue its upswing if BTC hits a new peak.
There is also a chance that PEPE will face a correction. The Federal Reserve is yet to announce an interest rate cut for 2025. President Trump has publicly mocked the Federal Reserve chair, Jerome Powell, for not cutting interest rates. We could see a surge in investor sentiment if the Fed cuts interest rates and makes borrowing easier.
Also Read: What BONK, DogWifHat & PEPE Are Signaling for July?
PEPE is a memecoin with heavy risks. The asset’s performance is subject to speculation. Investors could decide to book profits and move their funds into more stable assets.
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